Condo Insurance

Started by LarryE1 • 3 replies • 1326 views

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LarryE1 (Florida)
Posts: 5

Posted:

I have been told as of Jan. 1 2008 each condo owner must by florida law carry home owner's policy of a minumum of 2,000 dollars loss assessment. I have read the Florida Statutes and can not find any referance. Can you help.

GordonD1 (California)
Posts: 131

Posted:

Larry:

I will contact a good Insurance company that you may know. I will also contact the Insurance Company that insures your HOA and ask them directly.

I believe that it is a good thing to carry a home owner's policy for your unit.

DonnaS (Tennessee)
Posts: 5,671

Posted:

Larry,
Here it is. My question to you is WHY WOULDN'T YOU WANT INSURANCE?

Effective 1/01/2009, by Florida Statue 718.111, requires the owner of a condo unit to provide evidence of a current hazard and liability insurance policy upon the request of the condo association. The association cannot require evidence of insurance more than once per year. If the unit owner fails to provide the evidence of insurance within 30 days, the association may purchase an insurance policy on behalf of the unit owner. The unit owner will be responsible for the cost of the policy and for any reconstruction costs incurred by the association.

Florida Statue now mandates coverage for individual unit owners, but it has always been a good idea to buy a Condo Owner’s Policy.

LarryE1 (Florida)
Posts: 5

Posted:

I want to thank all of you for your info.

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